Bainbridge Multifamily Acquisition Fund I GP, an affiliate of the Bainbridge Companies, successfully held a first closing of approximately $150 million in commitments for the Bainbridge Multifamily Acquisition Fund I. With a target raise of $250 million in commitments, Bainbridge plans to utilize the Fund capital to acquire 1990’s and newer high-quality multifamily properties at discounts to replacement cost in the premier multifamily real estate company’s targeted Sun Belt and Mid-Atlantic markets.
Bainbridge is pursuing stabilized existing apartment communities, value-add opportunities and distressed real estate acquisitions that fit the Fund’s criteria. Following completed acquisitions, Bainbridge’s market-leading in-house asset and property management teams will aim to enhance the communities through operational excellence that fuels net operating income growth, and a resident-first approach that creates an unmatched living experience.
“We are very pleased with the investor response to our initial fund,” said Bainbridge Executive Vice President and Chief Legal Officer Brian Doppelt, who, along with Executive Vice President and Chief Financial Officer Chris Phillips – a veteran private equity fund executive, oversees management of Bainbridge’s fund management business.
“Bainbridge is uniquely suited to execute on new multifamily acquisition opportunities in an environment where some property owners seek exits due to upcoming loan maturities, elevated capital costs or general uncertainty about the market’s near-term direction,” said Doppelt. “We believe conditions are favorable for purchasing well-located multifamily properties, and we are confident in our ability to source off-market opportunities through our relationships and track record. Our best-in-class management platform positions us to generate rent growth above market conditions and increase resident satisfaction at the communities we acquire.”
Phillips added, “Having been involved with several well-known private equity platforms, I am excited to be part of the launch of Bainbridge’s fund business. I look forward to the investment opportunities and providing first-class service to our investors and residents.”
Bainbridge has developed or acquired more than 43,000 apartment homes representing more than $8 billion in transactions since its 1997 inception.
The company’s senior leadership has more than 250 years of combined multifamily investment, finance, construction, asset management and operations experience. Bainbridge plans to leverage these in-house capabilities to maximize the value of its upcoming acquisitions.
“This Fund is a pivotal step toward accomplishing our growth objectives in 2025 and beyond,” said Bainbridge Chairman, CEO and Managing Principal Richard Schechter. “We have a robust pipeline of potential new acquisitions through the Fund and are excited to finalize those transactions.”
Bainbridge’s organic growth led to the company’s current inclusion in the National Multifamily Housing Council’s annual lists of the nation’s top 20 developers and general constructors, along with the Multi-Housing News list of the nation’s top 50 owners of apartments.
About The Bainbridge Companies LLC
The Bainbridge Companies LLC (Bainbridge) is a multifamily real estate company that has developed and acquired more than 43,000 apartment homes representing more than $8 billion in transactions since its inception in 1997. With over 650 associates nationally, Bainbridge engages in every step of the real estate process, from development and construction, acquisition, and disposition to asset management and property management of multifamily real estate. Bainbridge is headquartered in Wellington, Fla., and has offices in Atlanta, Austin, Bethesda, Charlotte, Dallas, Orlando, Raleigh, and Tampa. Learn more about Bainbridge at http://www.bainbridgecompanies.com.
